Heymax.ai, a Singapore-founded loyalty platform, has raised $2.6 million in seed funding.
The financing is led by January Capital, with contributions from Tenity, Ascend Angels, XA Network and other investors.
Both January Capital and Heymax.ai are said to share a vision and commitment to digital commerce enablement in APAC. Joe Lu, CEO and co-founder of Heymax.ai, said January Capital’s understanding of the e-commerce and rewards space solidified the partnership.
Founded in 2023, Heymax.ai is a fintech startup that helps consumers earn rewards, called Max Miles, from businesses and allows them to redeem the points for flights or directly transfer them at 25 airline and hotel partners.
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As part of their growth plans, Heymax.ai also announced that it has appointed Aik-Phong Ng, former managing director of Shopback and Fave, as its chief commercial officer, to lead the company’s partnership efforts and accelerate the adoption of Max Miles.
The platform combines consumers’ rewards into a free vacation every year and maximizes the rewards through Max Miles offering, credit card optimization and tailored recommendations.
"Many rewards programs we know and love are locked within the closed ecosystem of a single company," said Roy Ong, investor at January Capital. "This hyper-fragmentation only serves to drive up the cost of customer acquisition for merchants and increases the mental load on consumers who are seeking to optimize their spending power.”
Lu added, “Consumers looking to optimize their rewards are struggling to find the right platform, leading to missed opportunities for valuable rewards and wasted effort on frustrating programs that don’t fit spending habits. Heymax.ai’s rewards ecosystem helps address these challenges, allowing consumers to unlock more loyalty rewards through earning Max Miles from their everyday purchases. We’re committed to helping our customers earn one free vacation every year.”